First American Mortgage Rates, Fees & Info
YUKON, OKLEI: 5493006KM0C07F0DE248
Tax ID: 73-1432800
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Mortgage Data
Overview
First American Mortgage is a smaller mortgage company specializing in Home Purchase loans. First American Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Oklahoma City, Weatherford, Lawton, Ardmore, and Shawnee among others. First American Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First American Mortgage is typically an average fee lendor.Originations
563Origination Dollar Volume (All Markets)
$125,675,000Awards
FIRST AMERICAN MORTGAGE - 2021
FIRST AMERICAN MORTGAGE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
First American Mortgage 's average 30 year fixed rate mortgage of loans were
2.94%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.21%.
Relative Fees
First American Mortgage 's average total fees for a 30 year fixed rate
mortgage are $4,240.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 497 | $112,625,000 | $226,610 | $4,080 | 2.90% |
| Outside of Metro Areas | 21 | $3,905,000 | $185,952 | $4,026 | 3.10% |
| Weatherford, OK (FHA|USDA|VA) | 16 | $2,980,000 | $186,250 | $3,740 | 2.90% |
| LAWTON, OK (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $3,411 | 3.00% |
| Ardmore, OK (FHA|USDA|VA) | 4 | $990,000 | $247,500 | $8,299 | 2.69% |
| Shawnee, OK (FHA|USDA|VA) | 5 | $945,000 | $189,000 | $4,429 | 3.22% |
| Elk City, OK (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $5,288 | 2.58% |
| TULSA, OK (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $5,261 | 2.75% |
| Stillwater, OK (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $5,926 | 2.56% |
| Ponca City, OK (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,069 | 2.99% |
| ENID, OK (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,133 | 2.75% |
| Ada, OK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,087 | 2.38% |
| Tahlequah, OK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,319 | 3.38% |
| Duncan, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,727 | 3.25% |
First American Mortgage 's top markets include Oklahoma City, Weatherford, Lawton, Ardmore, and Shawnee among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 360 | $79,830,000 | $221,750 | $3,097 | 2.95% |
| FHA | 125 | $24,965,000 | $199,720 | $5,914 | 2.98% |
| VA | 72 | $19,820,000 | $275,278 | $6,055 | 2.59% |
| USDA | 6 | $1,060,000 | $176,667 | $4,253 | 2.96% |
For the 2021 period, First American Mortgage 's most frequently originated loan type of loans were Conventional, with 360 originations. Their 2nd most popular type is FHA, with 125 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 422 | $94,450,000 | $223,815 | $4,181 | 2.94% |
| Refi | 89 | $20,385,000 | $229,045 | $3,470 | 2.78% |
| Cash Out Refi | 52 | $10,840,000 | $208,462 | $4,687 | 2.90% |
For the 2021, First American Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 422 originations. The 2nd most popular reason of loans were Refi, with 89 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 499 | $112,415,000 | $225,281 | $4,240 | 2.94% |
| 15 Year | 39 | $7,975,000 | $204,487 | $3,107 | 2.55% |
| 20 Year | 17 | $4,135,000 | $243,235 | $3,147 | 2.98% |
| 10 Year | 5 | $655,000 | $131,000 | $3,098 | 2.60% |
| Other | 3 | $495,000 | $165,000 | $3,695 | 2.75% |
For the 2021, First American Mortgage 's most frequently cited loan length of loans were 30 Year, with 499 originations. The 2nd most popular length of loans were 15 Year, with 39 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 485 | $111,015,000 | $228,897 |
| $1k-2k | 50 | $9,720,000 | $194,400 |
| $2k-3k | 19 | $2,675,000 | $140,789 |
| $3k-4k | 9 | $2,265,000 | $251,667 |
$4,240 of loans were First American Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 485 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 288 | $66,700,000 | $231,597 |
| 3-4% | 158 | $30,590,000 | $193,608 |
| <2.5% | 116 | $28,270,000 | $243,707 |
| 4-5% | 1 | $115,000 | $115,000 |
During 2021, First American Mortgage 's average interest rate of loans were 2.94%, while their most frequently originated rate bucket of loans were 2.5-3%, with 288 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 262 | $70,630,000 | $269,580 | $4,396 | 2.88% |
| $100k-200k | 220 | $33,900,000 | $154,091 | $3,865 | 2.94% |
| $100,000 or less | 44 | $3,650,000 | $82,955 | $2,898 | 3.08% |
| $400k-600k | 37 | $17,495,000 | $472,838 | $5,064 | 2.70% |
2021 saw First American Mortgage place emphasis on $200k-400k loans with 262 originations, totaling $70,630,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 136 | $26,120,000 | $192,059 | $4,237 | 2.93% |
| $100k-150k | 132 | $32,990,000 | $249,924 | $3,803 | 2.90% |
| $50k or less | 107 | $16,575,000 | $154,907 | $3,703 | 2.94% |
| $75k-100k | 105 | $23,845,000 | $227,095 | $4,246 | 2.88% |
| $150k-250k | 64 | $19,960,000 | $311,875 | $4,923 | 2.85% |
| $250k+ | 12 | $4,660,000 | $388,333 | $4,236 | 2.96% |
First American Mortgage lent most frequently to those with incomes in the $50k-75k range, with 136 originations. The second most popular income band? $100k-150k, with 132 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 137 | $31,385,000 | $229,088 | $4,249 | 2.91% |
| 30-36% | 98 | $22,210,000 | $226,633 | $4,012 | 2.84% |
| <20% | 67 | $13,365,000 | $199,478 | $3,571 | 2.72% |
| 38% | 29 | $7,185,000 | $247,759 | $3,970 | 3.01% |
| 44% | 27 | $5,375,000 | $199,074 | $3,428 | 3.05% |
| 43% | 23 | $5,135,000 | $223,261 | $4,758 | 2.83% |
| 40% | 22 | $4,430,000 | $201,364 | $4,958 | 3.09% |
| 41% | 22 | $5,090,000 | $231,364 | $3,974 | 3.04% |
| 36% | 21 | $5,065,000 | $241,190 | $4,241 | 3.08% |
| 37% | 20 | $4,350,000 | $217,500 | $4,069 | 3.03% |
| 48% | 19 | $3,865,000 | $203,421 | $3,625 | 2.88% |
| 42% | 17 | $4,415,000 | $259,706 | $3,724 | 3.00% |
| 39% | 17 | $3,575,000 | $210,294 | $3,784 | 2.98% |
| 45% | 16 | $3,740,000 | $233,750 | $5,973 | 3.03% |
| 47% | 10 | $1,780,000 | $178,000 | $4,707 | 2.87% |
| 49% | 8 | $2,240,000 | $280,000 | $4,869 | 2.77% |
| 46% | 6 | $1,650,000 | $275,000 | $4,701 | 2.77% |
| 50-60% | 1 | $305,000 | $305,000 | $3,430 | 2.75% |
First American Mortgage lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 98 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 483 | $108,955,000 | $225,580 | $4,097 | 2.91% |
| American Indian | 37 | $7,705,000 | $208,243 | $4,413 | 2.84% |
| Black | 15 | $3,025,000 | $201,667 | $4,691 | 3.01% |
| Not provided | 13 | $2,785,000 | $214,231 | $4,144 | 2.88% |
| Asian | 11 | $2,325,000 | $211,364 | $3,692 | 2.88% |
| Native Hawaiian | 2 | $330,000 | $165,000 | $1,372 | 2.87% |
| Vietnamese | 1 | $275,000 | $275,000 | $4,452 | 2.99% |
| Asian Indian | 1 | $275,000 | $275,000 | $2,705 | 2.99% |
Approval Rates
Total approvals of all applications97.20%
First American Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.39%
First American Mortgage has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 563 | $125,675,000 | $223,224 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 563 | $125,675,000 | $223,224 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 7 | $645,000 | $92,143 | $2,447 | 2.71% |
| 40-60% | 30 | $5,540,000 | $184,667 | $3,090 | 2.77% |
| 60-80% | 155 | $31,325,000 | $202,097 | $3,439 | 2.96% |
| 80-100% | 358 | $84,180,000 | $235,140 | $4,251 | 2.91% |
| Over 100% | 12 | $3,930,000 | $327,500 | $12,441 | 2.51% |
| Under 20% | 1 | $55,000 | $55,000 | $3,042 | 2.63% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST MORTGAGE COMPANY | Conventional home mortgage | Trouble during payment process | 5 | 83.3% |
| FIRST MORTGAGE COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
